金融学院知识库

  改革开放以来，我国经济发展取得了举世瞩目的成就，但也面临着污染环境、过度消耗资源等问题，为此党的十八大会议中正式将“生态文明建设”写入党章，十九届五中全会中再次强调要建设美丽中国，走绿色发展之路。实现经济转型升级与高质量发展，离不开绿色金融的支持。绿色债券是绿色金融体系中重要的组成部分之一，可同时兼顾环境保护与金融投资，自2016年我国绿色债券市场启动以来，中国绿色债券发行量在全球位列前茅。而发行绿色债券之后，所募集资金的使用成效如何，绿色债券是否会因自身的特色优势而融资效率偏高，通过对这一问题的深入研究，将对绿色债券市场的进一步发展有着积极的借鉴意义与启示。

  本文运用实证与案例相结合研究了中国绿色债券的融资效率，在实证分析方面，运用了因子分析法与数据包络分析法（DEA）的组合评价法来测度绿色债券融资效率，并根据发行主体所处行业、发行债券的时间、非绿色的特点等原则选取了普通债券作为对照组；在案例分析方面，以城市轨道武汉地铁集团发行的系列绿色债券为研究对象，探究其利用绿色债券融资的动因、效益、隐藏的风险。结果表明，绿色债券融资效率高于普通债券，但整体而言绿色债券融资效率仍偏低，就其主要原因是所募集资金的规模过大，资金冗余，且不能及时高效利用，从而使部分资金闲置，影响了融资效率。据此，为了提高绿色债券融资效率，建议从宏观与微观双重层面来改进：一方面政府要加大相关政策扶持力度、优化制度、完善标准来拓展绿色债券发展空间；另一方面，企业应加强债券募集资金的规模使用效率、保证经营业务合规、谨防绿色债券违约风险。

  Since the reform and opening up, China's economic development has made great achievements. But it is also faced with the problems of polluting the environment and excessive consumption of resources. Therefore, the 18th National Congress of the Party formally wrote the "construction of ecological civilization" into the Party Constitution. The Fifth Plenary Session of the 19th CPC Central Committee once again stressed the necessity to build a beautiful China and take the road of green development. The realization of economic transformation and upgrading and high-quality development can not be separated from the support of green finance. Green bonds are one of the important parts of the green financial system, which can take into account both environmental protection and financial investment. Since the launch of China's green bond market in 2016, China's green bond issuance has come out in front in the world. After issuing green bonds, how effective are the funds raised, and whether green bonds will be highly efficient because of their own advantages. Through the in-depth study of this problem, It will have positive reference significance and enlightenment to the further development of green bond market.

  This paper researches the financing efficiency of China's green bonds by combining empirical research with case studies. As far as empirical analysis is concerned, the way which combines data envelopment analysis and factor analysis is used to judge the financing efficiency of green bonds.The ordinary bonds are selected as the control group according to the principles of industry, time and non-green characteristics of the issuer. In the aspect of case analysis, taking Wuhan Metro Group issuing green bonds as the research object, this article introduces relevant issuing green bonds target, the benefits and hidden risks. Finally, the conclusion is that the financing efficiency of green bonds are better than other bonds. But on the whole, the financing efficiency of green bond is still low. The primary reason is that the a large of the funds result in excess and cannot be used timely and efficiently, so that part of the funds leave unused. Therefore, in order to improve the efficiency of green bond financing ,we can take steps from the macro and micro level.On the one hand , the government should increase policy support, optimize mechanism and expand the development space of green bonds. On the other hand , enterprises should enhance the scale use efficiency of bond raised funds , guarantee business compliance and guard against the risk of green bond default .